Nothing is sure in life but death, taxes, and fighting over the IRS budget. The 2022 Inflation Reduction Act (IRA) boosted the IRS’s funding by nearly $80 billion over a decade, but Congress quickly, ...

Average tax rates measure tax burden, while marginal tax rates measure the impact of taxes on incentives to earn, save, invest, or spend an additional dollar. The average tax rate is the total amount ...

Nonprofit organizations that do not distribute profits can be exempt from federal income tax if organized expressly for public purposes. Tax-exempt organizations (including charities) include many ...

The Tax Cuts and Jobs Act nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized ...

The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time it was inherited. The difference in tax ...

A small number of colleges and universities in the United States have accumulated significant wealth in the form of endowments. Because these institutions are public and private nonprofit charitable ...

Rainy day funds, also known as budget stabilization funds, allow states to set aside surplus revenue for use during unexpected deficits. Every state has some type of rainy day fund, though deposit and ...

Income inequality has increased sharply over the past 40 years. A simple way to measure inequality is by looking at the share of income received by the highest-income people. Using a broad measure ...

Tax expenditures for retirement savings are very large. They were over $300 billion in 2022 and will likely exceed $2 trillion over the 2022-2026 period. Tax expenditures are revenue losses ...

The main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property ...

A revenue-neutral national retail sales tax would be more regressive than the income tax it replaces. A national retail sales tax would create a wedge between the prices consumers pay and the amount ...

Federal, state, and local government receipts totaled $6.8 trillion in 2021. Federal receipts were 64 percent of the total, while state and local receipts (excluding intergovernmental transfers) were ...